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PTS (Private Trading System) is a trading system that売買 you to buy and sell stocks in locations that are not stock exchanges.
Because it is possible to trade other than the TSE, there is a possibility of night trading and price improvement. On the other hand, it is necessary to pay attention to the small volume, spread, and roughness of value movement.
In this article, we will organize the structure of PTS, the difference between the Toshin, the benefits andメリットs, and the relationship with SOR for beginners.
What is PTS
PTS stands for Proprietary Trading System.
In Japanese, it is called "Private trading system".
to say
“Trading System for Non-Stock Exchanges”
Home
Although the Tokyo Stock Exchange is the center of the Tokyo Stock Exchange, it may be possible to buy or sell shares in markets other than the Tokyo Stock Exchange.
Japanクt PTS, Cboe Japan PTS, etc.
Differences between the Tokyo Stock Exchange
The major difference between the Tokyo Stock Exchange and the PTS is the characteristic of the transaction.
Tag
The Tokyo Stock Exchange is the central exchange of Japan stock.
A lot of stock transactions are made by the Tokyo Stock Exchange. For beginners, it is easy to understand by considering the east certificate first.
PTS
PTS is a trading system operated by private companies rather than exchanges.
You may be able to use it through a securities company, and you may be able to trade at a different time and price from the TSE.
| 項目 | Tag | PTS |
|---|---|---|
| 運営 | Stock Exchange | Business |
| Trading Hours | Home | Available at night |
| 出来高 | Easy to understand | Less to Brand Name |
| Price | Easy to be the center price of the market | I have been to the Tokyo Stock Exchange |
| How to use | Normal Order Center | Easy to use for SOR and night trading |
Benefits of PTS
1. It may be possible to trade at night
PTS's major feature is that it corresponds to night trading by a securities company.
For example:
- Financial Results
- After a rapid change in the US market
- Important News
However, you may be able to buy or sell the products outside the trading hours of the TSE.
However, it is important to note that there are few participants for night trading, and the price is very easy to move.
2. It may be a fair price
In the TSE and PTS, the price may be slightly different even in the same symbol.
For example, if you order a purchase,
| Market | 売り気配 |
|---|---|
| Tag | ¥1,000(税別) |
| PTS | 998 YEN |
PTS can be cheaper.
One of the mechanisms to utilize this price difference is SOR.
3. More opportunities
Even if you do not make a contract at the desired price only by the TSE, if you have an opposite order to PTS, you may settle.
There are multiple markets, so there is a possibility that the place where the order is established.
Relationship with SOR
SOR stands for Smart Order Routing.
SOR is a mechanism to compare multiple markets such as TSE and PTS and turn orders into a more robust market.
In other words, PTS is one of the market that SOR compares.
Investor order → SOR → Compare TSE and PTS → Order to Fair MarketWith PTS, you can compare not only the east certificate but also the price of another market.
However, the target market and order conditions of SOR differ depending on the securities company. PTS is not always used for all orders.
PTS
1. There is a case where the volume is low
PTS has a difference in size depending on the brand.
If the participant is less than the Tokyu Line,
- I want to sell but I don't have a buyer
- No sellers to buy
- Only partially set
といったことがあります。
Please be careful with small stocks and small stocks.
2. Spread
The spread is the difference between the buyer and the seller.
For example:
| Price | |
|---|---|
| Purchase | 995YEN(JP) |
| 売り気配 | JPN |
If the spread is 10 yen.
In PTS, the spread may spread in the time when the liquidity is low. If the spread is wide, it may be d at a more利 price you thought.
3. It is easy to understand the value movement at night
Even though it is convenient to trade at night, there are few participants, so the price may be easy to fly.
In some cases, we may respond to your financial statements and news, but we may also be greatly lowered.
The price of the night PTS is not matched with the east certificate price of the next business day.
Should Beginners Use?
It is not a problem for beginners to think at the center of Toshin.
and
- I want to trade at night
- I want to understand how SOR orders work
- The price difference between the Tokyo Stock Exchange
- I want to increase the number of fixed opportunities
In that case, it is better to understand PTS as a supplement.
In addition to actively using PTS from the beginning, it is recommended to observe the difference between TSE and PTS in the order screen of the securities company and the settlement history.
Common misunderstandings
| misunderstanding | In fact |
|---|---|
| PTS Hはdous Market | Authorized legal trading system |
| Be sure to come from the Tokyo Stock Exchange | Changes in symbols and hours |
| Professional | Individual investors may be available |
| Night price becomes the first day | Not limited to match |
| SOR always comes to PTS | by the rules and market conditions of the securities company |
PTS is a private trading system thatシステム you to buy and sell stocks in locations not on the stock exchange.
Because it is possible to trade other than the TSE, there is a merit such as night trading, price improvement, and the increase of 機会 opportunities.
On the other hand, you need to pay attention to the small volume, spread, and夜間ctuations at night.
For beginners, check the following three:
- Is your securities company compatible with PTS?
- View price differences between TSE and PTS
- Check which market has been するd in the history
PTS makes it easy to understand as an auxiliary mechanism that expands trading options rather than an all-purpose market that replaces the TSE.